North America buoys Terex AWP results

Terex’s Genie aerial platform business maintained revenue levels in the third quarter of 2024, with sales growing 2.4% year on year to US$769 million, and operating profits down11% to $83 million.

The results were characterised by a better performance in North America than elsewhere. Sales for the total Terex business - including its minerals processing division - were up 4% in North America for the quarter year on year. In contrast, sales were down by 23% in Europe, by 24% in Asia Pacific (including China) and down by 13% in the rest of the world.

Terex AWP Q3 sales grew slightly, buoyed by North American demand. (Photo: Genie)

The AWP division’s order backlog now stands at $1.24 billion, which compares to the peak of $2.4-$2.8 billion which the division experienced from March 2022 to March this year. Terex said the backlog was returning to a historically more normal level.

Simon Meester, Terex president and CEO, said the company had adapted quickly to in-quarter industry channel adjustments; “In early October, we completed the acquisition of Environmental Solutions Group (“ESG”) strengthening our portfolio and leveraging our operating system to drive sustainable, accelerated long-term growth.

“ESG adds a non-cyclical, financially accretive, and market-leading business to Terex’s portfolio with tangible synergies in the fast-growing waste and recycling end market.” ESG makes waste disposal trucks and associated equipment.